Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a> posted highest ever quarterly and YTD revenue and operating profit in Q3FY24. Double-digit growth in C&amp;V and TBCT businesses are the main revenue growth driver.</li>
<li>During 9MFY24, gross profit margin expanded 50bps YoY to 52%, while operating profit margin improved 40bps to 15.5%. Profitability improvement through price increases and cost reduction is on track.</li>
<li>Terumo has revised both FY24 revenue and profit upward to reflect continuing positive impacts from yen depreciation. The company is aiming for record high revenue and profit in FY24.</li>
</ul>



Terumo Corp (4543 JP) posted highest ever quarterly and YTD revenue and operating profit in Q3FY24. Double-digit growth in C&amp;V and TBCT businesses are the main revenue growth driver.
During 9MFY24, gross profit margin expanded 50bps YoY to 52%, while operating profit margin improved 40bps to 15.5%. Profitability improvement through price increases and cost reduction is on track.
Terumo has revised both FY24 revenue and profit upward to reflect continuing positive impacts from yen depreciation. The company is aiming for record high revenue and profit in FY24.


Terumo Corp (4543 JP): 3Q Result Beat Estimate; Currency Depreciation Led Full-Year Guidance Raise

<ul>
<li>In H1FY24, <a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a>'s revenue increased 10% YoY to ¥443.9B, mainly driven by a 13% YoY growth in C&amp;V business, due to strong global demand of catheter products.  </li>
<li>Revenue from TIS (catheter) segment reported 12% YoY growth to¥176.5B, driven by a 12% YoY growth in overseas business, with EU and China being the main drivers.</li>
<li>Terumo has reiterated FY24 guidance, which implies significant improvement in operating profit in H2FY24 due to the realization of the full effect of global price revision and cost cutting initiatives.</li>
</ul>


In H1FY24, Terumo Corp (4543 JP)'s revenue increased 10% YoY to ¥443.9B, mainly driven by a 13% YoY growth in C&amp;V business, due to strong global demand of catheter products.  
Revenue from TIS (catheter) segment reported 12% YoY growth to¥176.5B, driven by a 12% YoY growth in overseas business, with EU and China being the main drivers.
Terumo has reiterated FY24 guidance, which implies significant improvement in operating profit in H2FY24 due to the realization of the full effect of global price revision and cost cutting initiatives.


Terumo Corp (4543 JP): Record High Revenue and OP in H1FY24; Better Profitability Expected in H2FY24

<ul>
<li>
<a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a> recorded highest ever revenue and operating profit in FY23, driven by continued strong growth in C&amp;V business globally, particularly the largest U.S. market.</li>
<li>C&amp;V business should continue to be the primary driver of Terumo’s growth in FY24 also. The company has guided for C&amp;V revenue of ¥504B in FY24, up 5% YoY.</li>
<li>Terumo aims to grow profit by double-digit percentage in FY24 and improve profitability through expansion of high-margin products, more assertive pricing policies, and cost reduction measures centered on manufacturing cost.</li>
</ul>



Terumo Corp (4543 JP) recorded highest ever revenue and operating profit in FY23, driven by continued strong growth in C&amp;V business globally, particularly the largest U.S. market.
C&amp;V business should continue to be the primary driver of Terumo’s growth in FY24 also. The company has guided for C&amp;V revenue of ¥504B in FY24, up 5% YoY.
Terumo aims to grow profit by double-digit percentage in FY24 and improve profitability through expansion of high-margin products, more assertive pricing policies, and cost reduction measures centered on manufacturing cost.


Terumo Corp (4543 JP): Strong C&V Business Momentum Continues; Profitability to Improve in FY24

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asahi-intecc-co-ltd" target="_blank" data-smartkarma-citation="entities:15915:1" rel="noopener">Asahi Intecc (7747 JP)</a> is poised for multi-year growth through strong market demand for its technically superior guidewires, market leadership positioning, new product launches, and direct marketing initiatives.</li>
<li>In FY24, Asahi Intecc aims to achieve revenue of ¥100B (+11% YoY), a significant milestone. The company targets revenue of ¥110B and an operating profit margin of 23–25% in FY26.</li>
<li>Asahi Intecc is expected to be a continued beneficiary of global procedure volume recovery. The company is likely to achieve its medium-term business plan ahead of schedule.</li>
</ul>



Asahi Intecc (7747 JP) is poised for multi-year growth through strong market demand for its technically superior guidewires, market leadership positioning, new product launches, and direct marketing initiatives.
In FY24, Asahi Intecc aims to achieve revenue of ¥100B (+11% YoY), a significant milestone. The company targets revenue of ¥110B and an operating profit margin of 23–25% in FY26.
Asahi Intecc is expected to be a continued beneficiary of global procedure volume recovery. The company is likely to achieve its medium-term business plan ahead of schedule.


2024 High Conviction: Asahi Intecc (7747 JP)- Procedure Volume Recovery to Accelerate Growth

Co-Founder & CEO, Newmark Risk

Nicholas Pezolano

Co-Founder & CEO

Option analytics for institutional investors

Newmark Risk

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Quantitative Analysis

<ul>
<li>Box Spreads have become an increasingly popular strategy utilized in the US markets, so we explore this strategy in Japan.</li>
<li>Opportunities exist for traders to lock in JPY margin rates lower than their brokerage.</li>
<li>A historical analysis of the strategy showcases the favorable opportunities for investors</li>
</ul>


Box Spreads have become an increasingly popular strategy utilized in the US markets, so we explore this strategy in Japan.
Opportunities exist for traders to lock in JPY margin rates lower than their brokerage.
A historical analysis of the strategy showcases the favorable opportunities for investors


Japan

Terumo Corporation is a manufacturer and supplier of pharmaceuticals and medical tools and equipment. The Company's products include health foods, transfusion and infusion equipment, disposable medical supply, clinical testing systems, artificial organs, and electronic thermometers. Terumo markets the products through its subsidiaries and sales offices in the US, Europe, and Asia.

Terumo (4543 JT)

Terumo Corp (4543 JP): 3Q Result Beat Estimate; Currency Depreciation Led Full-Year Guidance Raise

Terumo reports record high quarterly revenue and operating profit in Q3FY24. Double-digit growth in C&V and blood center business and continued...

Tina Banerjee

Terumo Corp (4543 JP): Record High Revenue and OP in H1FY24; Better Profitability Expected in H2FY24

Terumo's revenue increased 10% YoY to ¥444B in H1FY24, driven by strong global demand for catheter products. FY24 guidance implies 590bps YoY...

Tina Banerjee

Terumo Corp (4543 JP): Strong C&V Business Momentum Continues; Profitability to Improve in FY24

After reporting 20%+ revenue growth in two consecutive years, Terumo’s C&V business targets 5% revenue growth in FY24. Terumo’s operating profit...

Tina Banerjee

2024 High Conviction: Asahi Intecc (7747 JP)- Procedure Volume Recovery to Accelerate Growth

Asahi Intecc is poised for double-digit sales growth through FY26, driven by strong market demand for guidewires, market leadership positioning,...

Tina Banerjee

EQD | Are Box Spreads Viable in Japan?

Box spreads may be an effective strategy for Japanese investors to lock in margin rates lower than their prime brokerage with minimal risk and...

Nicholas Pezolano

Terumo Corp (4543 JP): 3Q Result Beat Estimate; Currency Depreciation Led Full-Year Guidance Raise

Terumo reports record high quarterly revenue and operating profit in Q3FY24. Double-digit growth in C&V and blood center business and continued...

Tina Banerjee

Terumo Corp (4543 JP): Record High Revenue and OP in H1FY24; Better Profitability Expected in H2FY24

​Terumo's revenue increased 10% YoY to ¥444B in H1FY24, driven by strong global demand for catheter products. FY24 guidance implies 590bps YoY...

Tina Banerjee

Terumo Corp (4543 JP): Strong C&V Business Momentum Continues; Profitability to Improve in FY24

After reporting 20%+ revenue growth in two consecutive years, Terumo’s C&V business targets 5% revenue growth in FY24. Terumo’s operating profit...

Tina Banerjee

2024 High Conviction: Asahi Intecc (7747 JP)- Procedure Volume Recovery to Accelerate Growth

Asahi Intecc is poised for double-digit sales growth through FY26, driven by strong market demand for guidewires, market leadership positioning,...

Tina Banerjee

EQD | Are Box Spreads Viable in Japan?

Box spreads may be an effective strategy for Japanese investors to lock in margin rates lower than their prime brokerage with minimal risk and...

Nicholas Pezolano

Terumo's revenue increased 10% YoY to ¥444B in H1FY24, driven by strong global demand for catheter products. FY24 guidance implies 590bps YoY...